Are Competitive Prices the Key to High Street Revival?

More than a third of shoppers (35%) say that they would be tempted back to the high street by stores more closely matching the prices of online competitors, a survey by jisp has found.

The survey of 1000 UK consumers went on to reveal that nearly a quarter (22%) cited rewards based on store loyalty would attract them to the high street, while 19% deemed better product selection in a wider range of sizes as the most important aspect.

“With consumers increasingly heading online, high street retailers must start to offer more variety and competitive pricing to lure them back. It is vital that retailers incentivise a return to the high street through initiatives, such as loyalty schemes, instore-only discounts and better stock availability,” says Julian Fisher, jisp CEO.

The poll also showed that 35% of consumers have noticed a steady decline in shops on their local high street over the past six years, with 27% stating that it has deteriorated dramatically.

A better variety of shops (51%) was deemed the most likely reason to encourage people to shop locally, while 19% suggested local opening hours would be a major incentive. However, some incentives to shop locally may be out of retailers’ hands with almost half of consumers (49%) citing free and safe parking.

“It is crucial that retailers take measures to improve their standing on the high street by improving their product offering and pricing. Stores should also explore the possibility of altering their local opening hours to better suit the needs of consumers. With that said, consumers must also recognise that as a result of an improved high street, they may be required to pay a premium. They should, however, acknowledge the added benefits they get from this experience that online retailers can’t provide, such as the ability to try or test items before buying,” adds Fisher.

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